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New EIA report boosts estimates of global recoverable shale oil resources 10-fold to 345 billion barrels

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Map of basins with assessed shale oil and shale gas formations, as of May 2013. Among the highlights in the 2013 report is a 10-fold increase in the estimate of technically recoverable shale / tight oil from 32 billion barrels (from the EIA’s Annual Energy Outlook 2011 ) to 345 billion barrels. Source: US EIA.

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EIA ups total shale oil resource estimate by 13% to 419B barrels, shale gas by 4% to 7576 Tcf

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The US Energy Information Administration (EIA) continues to expand its assessment of technically recoverable shale oil and shale natural gas resources around the world. Each of the countries has an existing oil and natural gas industry with infrastructure connecting the basins to global markets.

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New USGS oil and gas assessment for Bakken and Three Forks formations boosts estimates of recoverable oil two-fold, natural gas three-fold

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The United States Geological Survey (USGS) released an updated oil and gas resource assessment for the Bakken Formation and a new assessment for the Three Forks Formation in North Dakota, South Dakota and Montana, resulting in a two-fold increase in the estimated technically recoverable oil, and a three-fold increase in estimated natural gas.

Oil 257
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Japan will begin test drilling for oil and gas off Niigata coast in 2013

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Japan’s Ministry of Economy, Trade and Industry (METI) will begin test drilling for oil and natural gas in the Sea of Japan off the coast of Niigata Prefecture in April 2013. METI is outsourcing the test drilling, which is scheduled for April through June, to JX Nippon Oil & Gas Exploration Corp.

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BP to acquire unconventional US onshore assets from BHP for $10.5B; transforming US onshore oil & gas business

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BP has agreed to acquire a portfolio of world-class unconventional oil and gas assets from BHP. The acquisition will bring BP extensive oil and gas production and resources in the liquids-rich regions of the Permian and Eagle Ford basins in Texas and in the Haynesville gas basin in Texas and Louisiana.

Oil 150
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CARB approves rule for monitoring and repairing methane leaks from oil and gas facilities

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The California Air Resources Board approved a new regulation aimed at methane leaks from oil and gas operations. Methane, one of the powerful greenhouse gases called short-lived climate pollutants (SLCPs) and the main component of natural gas, has 72 times the impact on global warming as carbon dioxide.

Oil 150
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New study confirms extensive gas leaks in the North Sea; recommends stricter guidelines for handling of abandoned wells

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Researchers from the GEOMAR Helmholtz Center for Ocean Research Kiel have found that considerable quantities of the greenhouse gas methane escape uncontrolled into the water from abandoned oil and gas wells in the North Sea. The most important factor was indeed the distance of the wells from the gas pockets. Böttner, C.,

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